Econ

A characteristic of the long run is

Average total cost equation

The marginal product of labor is defined as

Marginal Cost is equal to the (equation)

Long-run cost curves are U-shaped because

Marginal cost is the (Def.)

Which of the following costs will not change as output changes?

Average fixed costs of production

If fixed costs do not change, then marginal cost...

If four workers can produce 18 chairs a day and five can produce 20 chairs a day, the marginal product of the fifth worker is

Red stone creamery currently hires five workers. When it added a sixth worker, it's output actually fell. Which of the following statements is true?

The law of diminishing marginal returns states

As a firm hires more labor in the short run, the

In the short run if marginal product is at its maximum then

When a firm produces 50,000 units of output, its total cost equals $6.5 million. When it increases its production to 70,000 units of output, its total cost increases to $9.4 million. Within this range, the marginal cost of an additional unit of output is

If the 15th unit of output has a marginal cost of $29.50 and the average cost of producing 14 units of output is $30.23, what will happen to the average cost of production if the 15th unit is produced?

If diminishing marginal returns have already set in for Golden Lark Woodworks, and the marginal product of the 6th carpenter is 8 chairs, then the marginal product of the 7th carpenter is

If 11 workers can produce a total of 54 units of a product and a 12th worker has a marginal product of 6 units, then the average product of 12 workers is

In the short run, marginal product of labor increases at first and then falls because

Who first analyzed the advantages of specialization and the division of labor?

One reason why, in the short run, the marginal product of labor might increase initially as more workers are hired is that

If we have information about workers' marginal products, then total and average product can be found by

Which of the following is a factor of production that generally is fixed in the short run?

Which of the following is an example of a long run adjustment?

Which of the following is the best example of a short run adjustment?

If a producer is not able to expand its plant capacity immediately, it is

Which of the following is a fixed cost?

Academic book publishers hire editors, designers, and production and marketing managers who help prepare books for publication. Because these employees work on several books simultaneously, the number of people the company hires will not go up and down with the quantity of books the company publishes during any particular year. The salaries and benefits of people in these job categories will be included in

Economic costs of production differ from account costs in that

Implicit costs can be defined as

Which of the following is an implicit cost of production?

Which of the following is an implicit cost of production?

The explicit cost of production is also called

Which of the following are implicit costs for a typical firm

Jayanthi moves her yoga studio from her home to a space she rents in Oakland, California. Holding everything else constant, as a result of this move

Which of the following would be categorized as an opportunity cost?

Golda Rush quit her job as a manager for Home Depot to start her own hair dressing salon, Goldilocks. She gave up a salary of $40,000 per year, invested her savings of $30,000 (which was earning 5 percent interest) and borrowed $10,000 from a close friend, agreeing to pay 5 percent interest per year. In her first year, Golda spent $18,000 to rent a salon, hired a part-time assistant for $12,000 and incurred another $15,000 on equipment and hairdressing material. Based on this information, what is the amount of her explicit costs?

Golda Rush quit her job as a manager for Home Depot to start her own hair dressing salon, Goldilocks. She gave up a salary of $40,000 per year, invested her savings of $30,000 (which was earning 5 percent interest) and borrowed $10,000 from a close friend, agreeing to pay 5 percent interest per year. In her first year, Golda spent $18,000 to rent a salon, hired a part-time assistant for $12,000 and incurred another $15,000 on equipment and hairdressing material. Based on this information, what is the amount of her implicit costs?

The production function shows

The average cost of production

Vipsana's Gyros House sells gyros. The cost of ingredients (pita, meat, spices, etc.) to make a gyro is $2.00. Vipsana pays her employees $60 per day. She also incurs a fixed cost of $120 per day. Calculate Vipsana's total variable cost per day when she produces 50 gyros using two workers?

Vipsana's Gyros House sells gyros. The cost of ingredients (pita, meat, spices, etc.) to make a gyro is $2.00. Vipsana pays her employees $60 per day. She also incurs a fixed cost of $120 per day. Calculate Vipsana's average fixed cost per day when she produces 50 gyros using two workers?

Vipsana's Gyros House sells gyros. The cost of ingredients (pita, meat, spices, etc.) to make a gyro is $2.00. Vipsana pays her employees $60 per day. She also incurs a fixed cost of $120 per day. Calculate Vipsana's total cost per day when she produces 50 gyros using two workers?

Vipsana's Gyros House sells gyros. The cost of ingredients (pita, meat, spices, etc.) to make a gyro is $2.00. Vipsana pays her employees $60 per day. She also incurs a fixed cost of $120 per day. What is Vipsana's total cost per day when she does not produce any gyros and does not hire any workers?

Which of the following statements is correct?

Which of the following describes a situation in which a good or service is produced at the lowest possible cost?

What is productive efficiency?

If the long run average cost curve is U shaped, the optimal scale of production from society's viewpoint is

Which of the following describes a situation in which every good or service is produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing it?

A perfectly competitive industry achieves allocative efficiency because

The law of diminishing marginal returns